Pakistan’s benchmark KSE-100 index fell 555.27 points, or 0.36 percent, to close in the red on Friday, extending recent market volatility.
Shortly after opening, around 9:20 am, the index rose to an intraday high of 155,002.10 points before falling to an intraday low of 152,780.79 points at 11 am.
Trading activity remained at the lower end, with 113,043,219 shares changing hands, while the traded value reached Rs 11,734,798,583.
Among the most actively traded stocks, Dost Steels Limited led the volumes, rising 3.64 per cent to Rs 5.70 with 27,793,436 shares. It was followed by Hascol Petroleum Limited, which gained 3.04 per cent to Rs 17.99 on 25,429,776 shares, and The Bank of Punjab, which fell 1.66 per cent to Rs 27.26 on volume of 16,327,842 shares.
The main negative contributions to the index came from ENGROH, FFC, LUCK, HUBC and MEBL, contributing -649 points to the index, according to Topline Securities.
The cautious market tone comes as global oil prices climbed back above $100 a barrel, while stocks came under pressure after Iranian attempts to target energy supplies in the Middle East overshadowed a record release of strategic crude reserves by the International Energy Agency (IEA).
Topline Securities noted that the pressure in the market can be attributed to investors’ fears of any negative developments over the weekend, as a result of the current tensions in the Middle East.
The KSE-100 had already closed lower on Thursday, losing 1,437.04 points, or 0.92 percent, after a very volatile session. Similar swings were seen on Wednesday, when the index ultimately fell 318.65 points, or 0.2 percent, despite gaining nearly 2,000 points during intraday trading.
Source: https://www.dawn.com/news/1981629/market-volatility-continues-as-kse-100-closes-in-the-red